Belite Bio’s (BLTE) Buy Rating Reiterated at HC Wainwright

Belite Bio (NASDAQ:BLTE)‘s stock had its “buy” rating reissued by stock analysts at HC Wainwright in a research report issued on Monday,Benzinga reports. They currently have a $200.00 price objective on the stock. HC Wainwright’s price target indicates a potential upside of 44.76% from the stock’s current price.

A number of other equities analysts also recently issued reports on the company. Truist Financial set a $217.00 price target on Belite Bio in a research report on Friday, May 22nd. Wall Street Zen upgraded Belite Bio from a “sell” rating to a “hold” rating in a report on Saturday, April 4th. Benchmark reiterated a “buy” rating on shares of Belite Bio in a report on Friday, May 22nd. Cantor Fitzgerald raised their target price on shares of Belite Bio from $200.00 to $266.00 and gave the company an “overweight” rating in a research report on Tuesday, March 3rd. Finally, Mizuho reduced their price target on shares of Belite Bio from $223.00 to $215.00 and set an “outperform” rating for the company in a report on Tuesday, May 26th. Six investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $203.00.

Belite Bio Stock Performance

Shares of NASDAQ BLTE opened at $138.16 on Monday. Belite Bio has a 52-week low of $56.10 and a 52-week high of $200.00. The firm has a market capitalization of $5.54 billion, a price-to-earnings ratio of -54.61 and a beta of -1.24. The stock has a 50 day moving average price of $154.12 and a 200 day moving average price of $159.56.

Belite Bio (NASDAQ:BLTE) last released its quarterly earnings data on Friday, May 15th. The company reported ($0.34) EPS for the quarter, topping the consensus estimate of ($0.60) by $0.26. Analysts forecast that Belite Bio will post -3.17 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Yu-Hsin Lin sold 9,200 shares of the business’s stock in a transaction on Thursday, April 9th. The stock was sold at an average price of $181.45, for a total value of $1,669,340.00. Following the completion of the transaction, the chief executive officer directly owned 170,934 shares of the company’s stock, valued at approximately $31,015,974.30. The trade was a 5.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Nathan L. Mata sold 1,000 shares of the company’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $155.78, for a total value of $155,780.00. Following the sale, the insider owned 3,666 shares of the company’s stock, valued at $571,089.48. This trade represents a 21.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 26,166 shares of company stock valued at $4,548,351. 13.29% of the stock is owned by insiders.

Institutional Trading of Belite Bio

Several hedge funds have recently modified their holdings of BLTE. Bank of America Corp DE grew its position in shares of Belite Bio by 104.0% in the 1st quarter. Bank of America Corp DE now owns 3,778 shares of the company’s stock worth $602,000 after buying an additional 1,926 shares during the last quarter. Amundi bought a new position in shares of Belite Bio during the 1st quarter worth approximately $671,000. Royal Bank of Canada lifted its position in Belite Bio by 7.9% during the first quarter. Royal Bank of Canada now owns 2,257 shares of the company’s stock valued at $360,000 after acquiring an additional 165 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new stake in Belite Bio during the first quarter valued at approximately $3,125,000. Finally, Affinity Asset Advisors LLC boosted its stake in Belite Bio by 225.0% in the first quarter. Affinity Asset Advisors LLC now owns 65,000 shares of the company’s stock valued at $10,364,000 after acquiring an additional 45,000 shares in the last quarter. 0.53% of the stock is owned by hedge funds and other institutional investors.

About Belite Bio

Belite Bio, Inc (NASDAQ: BLTE) is a clinical-stage biotechnology company focused on discovering and developing small molecule therapeutics for metabolic and inflammatory diseases. Leveraging a proprietary drug-discovery platform, the company aims to address conditions such as nonalcoholic steatohepatitis (NASH) and obesity by targeting pathways involved in fibrosis, inflammation and metabolic regulation.

Belite Bio’s pipeline includes multiple candidates in preclinical and early clinical development stages.